INSHUR’s 100% Digital Insurance Product for New York's Rideshare
Drivers is Now Available

In its first month of launch, INSHUR delivers $3.5M in Gross
Written Premium (GWP) and sees a 40% conversion rate via its mobile
insurance app

April 11, 2018 12:01 AM Eastern Daylight Time

LONDON & NEW YORK--(BUSINESS WIRE)--INSHUR (www.inshur.com)
today announced the initial results of its alliance with Clear
Blue Insurance Group and Munich Re Digital Partners. The launch of
the entirely digital insurance product aims to service the needs of New
York’s rideshare drivers. In its first month, INSHUR’s new product has
attracted 2,000 rideshare drivers and delivered a conversion rate of
over 40%.

New York City’s rideshare industry is one of the world’s most active,
with around 165,000 licensed drivers. But, the landscape for insurance
had remained untouched by any innovation or digital services. Combined
with the fact that the target customers, drivers for Uber and Lyft, were
already mobile-first natives, it was a sector ripe for #insurtech
reinvention.

Traditionally, to get commercial rideshare insurance, a driver would
have to visit specialty brokers, fill out stacks of forms and wait
several days while losing money off the road.

INSHUR is the only fully digital insurance service available in New
York. Within minutes a driver can now access quotes, compare coverage
features, and obtain coverage. The mobile product also solves other
time-consuming tasks for rideshare drivers such as changing coverage,
replacing authorized drivers, and adding vehicles all via the app.

Andrew Rear, Chief Executive Officer, Munich Re Digital Partners, said,
“These early results are very encouraging. We have been impressed by the
INSHUR team’s determined focus to bring products to market quickly and
successfully. INSHUR is addressing a real gap in the market, and this is
further proof of the positive impact technology is having on insurance
markets worldwide.”

“Successfully launching this product in New York, directly reflects the
experienced people and partners around us. What INSHUR brings to the
local insurance market, through this partnership, is an attractive
digital alternative for drivers,” said, INSHUR
Co-founder, Dan Bratshpis.

He added: “Building our product and growing the business in a lean and
bootstrapped way, I believe has helped keep us to account. Every day we
have been forced to focus only on addressing the needs of customers. The
#insurtech landscape is enjoying unprecedented attention right now. I
want us to play our small part by being focused on commercial success
and delivering a product that our customers value in New York and
beyond.”

Jerome Breslin, CEO of Clear Blue summarized the achievements so far:
“From the very early stages of our engagement, we felt confident this
was a product, sector, and opportunity ready for innovation. The results
so far are nothing short of incredible. Our partnership is a great
example of how new and established players working together, can do
great business.”

Further products are planned for launch in the UK and other European
countries later this year.

INSHUR is the only mobile-first provider of commercial auto insurance
for TLC drivers.

The mobile app allows TLC drivers to quote, purchase and service their
insurance policies at their convenience. The FREE app is available for
Android and iOS devices. Founded in October 2016, the management and
technical teams are based in offices in New York and London. INSHUR
provides customers with the ability to get on-demand quotes and cover in
minutes and not days. INSHUR means no more calling around for brokers,
waiting for a quote, finding parking, mailing checks and coming back
with missing paperwork. Owner-operator drivers in NYC that work for
black car bases like Uber, Lyft, Gett and car service/taxi bases will
find many benefits.

About Clear Blue Insurance Group

Clear Blue Insurance Group is a program/fronting specialist for property
and casualty programs nationwide. Clear Blue consists of two insurance
companies: Clear Blue Insurance Company, an admitted property and
casualty insurer and Clear Blue Specialty Insurance Company, an excess
and surplus lines property and casualty insurer. Both insurance
companies are AM Best-rated A- (Excellent), with a financial size
category of VIII. For more information about Clear Blue, visit the
company’s website at www.clearblueinsurancegroup.com

About Digital Partners

Established in 2016, Digital Partners is a global business unit of
Munich Re designed to partner with disruptors who are changing the way
insurance is experienced by customers.